Asda and Morrisons cut fuel prices

First Asda announced it was knocking 2p a litre off its petrol and diesel from tomorrow. (Jan 1)

Then Morrisons said it, too, was reducing its petrol and diesel by 2p a litre, with the cuts also taking effect from tomorrow.

The Asda reductions will mean its customers will pay no more than 107.7p a litre for petrol, with diesel at 114.7p a litre.

With world oil prices plunging, this is Asda’s 13th cut since the end of September, taking, in total, 19p a litre off petrol and 15p a litre off diesel.

For Morrisons, it is the sixth cut since December 1.

The AA said: “The UK average price for petrol is currently around 113p per litre and these welcome decisions on making further price cuts will eventually filter down in some form to other retailers.

“So the UK average price will fall further as we enter 2015. However, just how far it falls is anyone’s bet. Current indications are that the magical £1-per-litre average price across the UK is still looking unlikely in the short term.”

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